Rinku invests 36,500 at 8% per annum compound interest for 4 years. Calculate: compound interest for second year
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A = P(1+r/100)^n
Given that, P = 36,500, r =8%, n = 4 years
A = 36,500*[1 + 8/100]^4
A = 36,500*[108/100]^4
A = 36,500*[1.08]^4
A = 36,500*1.3604
A = 49,657.85
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